Rangers director urges rejection of Green's CVA plan

Rangers director Dave King has urged creditors to reject Charlie Green’s CVA offer.

The CVA proposals have been sent out to over 300 creditors but in reality the success or failure of the move lies in the hands of HMRC and Ticketus.

Both organisations are owed more than 25% of the total debt and have the power to veto Green’s blueprint.

King has been a director of Rangers for over a decade and has been an outspoken critic of Craig Whyte since he put the club into administration, in March the South African based businessman claimed that liquidation is inevitable.

Green will find out the outcome of his CVA offer next week but King has urged creditors to reject the deal to eliminate the former Sheffield United chief from the equation.

“I am opposing the CVA and urge all loyal fans to do the same,” King stated bluntly. “We don’t want to be back in a similar situation next season.

“I also believe that all true Rangers fans should not buy any season tickets until full and frank disclosure has been provided by Duff & Phelps, Mr Green, and Mr Whyte, as to what is truly going on behind the scenes.”

King explained four key areas that he felt must be covered for the CVA to be in the clubs’ best interests and claimed that the Green deal fulfilled none of them.

He added: “I have continued to observe the lack of progress in the attempts to resolve the crisis at Ibrox. I hoped that a “supportable” proposal would emerge from an individual or grouping that would meet the needs of the club. I see those needs comprising of four main components;

1. Any offer should demonstrate the capacity to not only acquire the club but to invest in the club going forward.
2. Any offer should be supported by the requisite business skills to ensure that the recent crisis is not repeated.
3. Any offer should recognise that the club cannot be run on purely business principles. The club has a “soul”, a history, and a tradition going back 140 years. Our children and grandchildren are entitled to the same legacy that our father’s and grandfather’s bequeathed to us.
4. Any offer should recognise that the fans are key stakeholders in the club, whether they are shareholders or not.

“In my view the CVA proposal that is being put forward for consideration by Duff & Phelps fails to demonstrate compliance with any of the above criteria.

“I accept the possibility that Duff and Phelps may know more than is contained in the CVA proposal, but if that is the case, why the lack of transparency?

“Duff & Phelps have earned enormous sums as administrators and have had sufficient time to ensure that full disclosure is made with any offer.”

King went on to question Green’s alleged agreement to buy out Whyte’s shareholding for £2 claiming that he had shaken hands on an agreement with Whyte in September that he would have first refusal on his shareholding.

He added: “I made it clear to Duff and Phelps that I regard the Whyte acquisition of the shares from the Murray Group as being fraudulent and that myself and every other minority shareholder (all fan shareholders) have been prejudiced by this.

“The CVA gives no recognition to this difficulty and to what reparation will be made to those shareholders who have been abused by the terms of the sale to Mr Whyte.

“I also advised Duff & Phelps that I was making a claim against the club for the full amount of my investment based on the deliberate non-disclosure by David Murray of transactions that he had committed to on behalf of the club that were both risky and to the sole advantage of the Murray Group.

“I have made that claim but Duff & Phelps have at this stage ignored my representations.”

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